Slide 1: AGM Presentation
AGM Presentation May 29, 2024
Slide 2: Disclaimer
Disclaimer Today’s presentation includes forward-looking statements that reflect Dole plc’s speak only as of the date on which such statements are made, and we do not current views with respect to future events, financial performance, expected undertake any obligation to update any forward-looking s
Slide 3: Dole plc Overview
Dole plc Overview
Slide 4: A Global Leader in Fresh Produce
A Global Leader in Fresh Produce 2023 Revenue We produce, market and distribute an extensive variety of fresh $8.2bn produce 2023 Our produce is sourced both locally and from around the world from Adjusted EBITDA our deep sourcing network 2023 $385m Sales in over 75 countries, with North America and
Slide 5: Global Reach & Resources
Global Reach & Resources pean gaa pater) a ae | Gog 11 Northern Europe 898 peo Global footprint : Southern enables diversified 34 de on Europe af sourcing, improves 5 23 customer fulfilment and reduces risk Rest of World 94g Central / South America 742, Production Operations ) Bananas (3) Pineapple
Slide 6: Fresh Fruit
Fresh Fruit SEGMENT OVERVIEW BUSINESS MODEL ✓ Largest global banana and pineapple company • Vertically integrated model ✓ ~140 million boxes of bananas and ~30 million boxes of pineapples sold • Growing > Harvesting > Packing > Loading > Shipping > Ripening > annually Distribution > Marketing ✓ #1 i
Slide 7: Diversified Fresh Produce - EMEA
Diversified Fresh Produce - EMEA SEGMENT OVERVIEW BUSINESS MODEL ✓ Industry leader in Europe, with a diverse customer portfolio across all • Primarily an asset light model market sectors - retail, wholesale and foodservice channels • Sourcing > Handling > Packing > Distribution > Marketing ✓ Sell a
Slide 8: Diversified Fresh Produce – Americas & ROW
Diversified Fresh Produce – Americas & ROW SEGMENT OVERVIEW BUSINESS MODEL ✓ Leading grower, distributor, and marketer of fresh produce with best-in- • Primarily an asset light model class sourcing and sales networks • Growing > Sourcing > Handling > Packing > Distribution > Marketing ✓ Marketing gl
Slide 9: Discontinued Operations – Fresh Vegetables
Discontinued Operations – Fresh Vegetables SEGMENT OVERVIEW EXIT PROCESS ✓ A leader in Fresh Packed Vegetables and Value-Added Salads in the U.S. • On March 28, 2024, we announced the termination of the agreement to ✓ 4 salad manufacturing plants and other strategic assets in the U.S. sell the Fresh
Slide 10: Multi-Faceted Strategy
Multi-Faceted Strategy FOR SUSTAINABLE LONG-TERM GROWTH Renewed focus Expand market on M&A in a penetration fragmented and across global footprint – “Grow growing market the Core” Expand Grow market share presence in faster from continued growing product innovation categories: and enhanced Avocados,
Slide 11: FY’23 Highlights
FY’23 Highlights
Slide 12: FY’23 Key Developments
FY’23 Key Developments Continued good momentum across the Group Launch of Dole Organics and “GO Organic” brand Launch of Golden Selection pineapples Significant value realized from sale of non-core assets - $84 million in cash proceeds generated during 2023 Strong free cash flow generation contribut
Slide 13: FY’23 Highlights
FY’23 Highlights Revenue – Continuing Operations (3) ▪ Strong financial results delivered in FY’23 FY'23 FY'22 Variance ➢ Revenue +2.8% $8.2bn $8.0bn 2.8% ➢ Adjusted EBITDA(4) +6.9% Adjusted EBITDA (4) – Continuing Operations ➢ Adjusted EBITDA(4) +10.0% on original FY’23 guidance FY'23 FY'22 Varianc
Slide 14: FY’23 Segment Results – Continuing Operations
FY’23 Segment Results – Continuing Operations $’m FY'23 FY'22 Adjusted Adjusted Revenue Revenue EBITDA EBITDA Fresh Fruit 3,136 208.9 3,047 205.5 Diversified Fresh Produce – EMEA 3,433 133.6 3,152 111.1 Diversified Fresh Produce – Americas & ROW 1,800 42.6 1,966 43.8 Intersegment (124) - (141) - Tot
Slide 15: Q1’24 Review
Q1’24 Review
Slide 16: Q1’24 Highlights
Q1’24 Highlights Revenue – Continuing Operations ▪ Good start to the financial year with strong results delivered in Q1’24 across the Group Q1'24 Q1'23 Variance ➢ Revenue +6.6% $2,121m $1,989m +6.6% Adjusted EBITDA (5) – Continuing Operations ➢ Adjusted EBITDA +9.7% Q1'24 Q1'23 Variance ➢ Adjusted D
Slide 17: Segment Results – Continuing Operations
Segment Results – Continuing Operations $’m Q1’24 Q1’23 Adjusted Adjusted Revenue Revenue EBITDA EBITDA Fresh Fruit 824 69.4 799 69.2 Diversified Fresh Produce – EMEA 854 26.0 798 23.4 Diversified Fresh Produce – Americas & ROW 477 14.7 423 7.8 Intersegment (33) - (31) - Total 2,121 110.1 1,989 100.
Slide 18: Capital Allocation and Leverage
Capital Allocation and Leverage NET DEBT CASH CAPEX (7) Q1’24: $18.2m Continuing Operations $’m Q1’24 Q1’23 Total Gross Debt (1,015.2) (1,297.9) Cash and Cash Equivalents 239.4 266.2 Net Debt (Non-GAAP) (775.8) (1,031.7) ASSET & BUSINESS Q1’24: $116.9m SALES NET LEVERAGE Q1’24: $0.08 DIVIDEND per sh
Slide 19: FY’24 Outlook And Strategic Priorities
FY’24 Outlook And Strategic Priorities
Slide 20: FY’24 Outlook
FY’24 Outlook Outlook as of May 15, 2024 FY’24 Adjusted EBITDA – continuing operations Target: $360 million (9) 15.7917 in Capital Expenditure – continuing operations ~ $110 - $120 million Interest Expense ~ $75 - $80 million 9) Previous guidance issued on February 29, 2024, has been maintained and
Slide 21: FY’24 Strategic Priorities
FY’24 Strategic Priorities Accelerating Investing for Exiting the Focusing on Advancing on growth in core growth while Fresh cost control our business areas maintaining Vegetables and operating sustainability and categories disciplined business efficiencies goals and approach to across our adapting
Slide 22: Q&A
Q&A
Slide 23: Slide 23